There is a great motivation for businesses to seek out and hire rising talent within their industry’s landscape. These potential employees are the next generation of business and represent great prospects for businesses that hire them.
The caveat, however, is that, while new industry talent has the potential to contribute great benefits to a business, they are more likely to leave their position within an early stage of development, with many estimates placing the average new hire leaving a position within a year of their initial employment. As such, businesses must grapple with the possibility that, while seeking out exciting new talent, they must also work to retain each hire, and accept the consequences should they eventually move on.
To ensure that your business is attractive to potential new hires and that your working environment is designed to ensure that employees remain content, resulting in less employee turnover, business leaders must make certain considerations.
An essential practice is to ensure an onboarding and introduction process is well-designed. It can be intimidating for new employees to enter an established business and their first impression is likely to last. Probation periods are, as such, not only beneficial to employers but also to employees and can be an essential period of feedback and understanding, one that sees all essential support and development offered.
Following this onboarding, it is provenly beneficial for companies to outline opportunities and training, laying out the potential progression an employee can expect. This professional development plan ensures that new employees are more likely to keep their position within the company, reducing turnover, so as to pursue their personal goals.
Clearly defined professional development and corporate training courses additionally serve to attract rising talent. Businesses that are understood to encourage and support their employees are preferred within their respective industries, attracting both new employees and even staff from competing workplaces.
Alongside a reputation for development, workplace positivity is another valuable characteristic that new employees will consider when choosing a business. Companies that make considerable efforts to create a positive professional environment will earn a better reputation, seeing greater customer retention and a more competitive quality of application for new employee positions. Positive workplaces are also associated with reduced turnover and a greater level of productivity.
When businesses are actively seeking new industry talent, they should consider their initial offers. With multiple businesses across a sector likely to be seeking out similar employees, the business with the most attractive hiring package is certain to be chosen. This could be company benefits or a high starting salary, both of which can be attractive within a competitive market. While this can be a significant initial investment, there is the potential for a greater return later down the line.
Another important consideration is to ensure that employee teams are exciting and diverse. Alongside the business itself, new hires are most likely to make their decision based on their potential colleagues. Leaders who cultivate forward-thinking and cooperative internal teams will, as a result, see new talent more interested in working among them.